Question about Cap1 Pre Qualification

[Anonymous]

I was approved through Cap1 pre qualification process.  It just seemed too easy.  My question is this, has anyone ever been pre qualified but then denied at the dealership?

[Appleman]

Not every Cap 1 pre-approved loan has been completed (source: posters on this and other auto forums). At the dealership you will need to fill out a full application and they will do a hard pull of your credit. 

I don't believe that Cap 1 is providing the blank check loans anymore but I may be mistaken. I know my bank will approve me for a loan amount (say I need $29,000) and I will know my interest rates and terms before stepping in the dealership.

With the Cap1 process they are likely to want you to have selected a car and then run the financing through Cap 1 for approval. The good thing about the Cap 1 loan is that the pre-qual is a soft pull you are likely to get financed. It is not guaranteed financing.

Hopefully that helps and good luck!

[Appleman]

Also, try the search function on the FICO boards. Type in 'Capital one auto loan pre-approval' and you should get quite a few threads that may answer your question.

[Anonymous]

You will need to actually apply for loan to see your actual terms. After you do that you can go into dealership that accept capital one loan and you can use it like a cash buyer. Hey don't actually mail you a blank check anymore but an approval and you use that to buy